Over the past two weeks, residents and businesses in Oak Lawn have been inundated with a political mailer purporting statistics that have left people in disbelief. One of the biggest embellishments is a claim that the average home sales price is up by more than 60% since 2013. Unfortunately, the truth is nowhere near the claim.
To find out just what the average sale price was for a home in Oak Lawn, the Oak Lawn Leaf looked to Zillow’s historical data. To put things in perspective, we looked at home prices prior to the market crash in November of 2008. We have included May and June of 2013, when Mayor Bury took office and her first full month in office, respectively. And we compared those values to August of 2016. Just for reference, we included Oak Lawn’s eastern neighbor Evergreen Park, as well as the state of Illinois as a whole.
What the Leaf found is that Oak Lawn homes lost approximately 23% of their value in the market crash, between 2008 and 2013. In the 3+ years since Mayor Bury took office, home sale prices have increased by 11.3%. That is slightly less than Evergreen Park’s rebound, and 2 full percentage points below the state average.
At 11.3% increase, it’s still 48.7% off from what the political mailer claimed. Sale prices rose on average $17,000. In order to match the claim of a 60% increase, home prices would have needed to rise a whopping $87,600.
It’s a nice fairy tale, Mayor. The Leaf is going to give this claim a rating of: Tall Tale.